Dr. Karin Schambach is the founder and managing director of Indigo Headhunters, where she leads the Asset and Wealth Management Practice. As the head of a recruitment agency, she keeps her finger on the pulse of the industry and knows where specialists are in demand and where staff reductions are more likely. Fondsfrau Anke Dembowski speaks with Dr. Karin Schambach about the opportunities for women to achieve leadership positions.
Karin, what is the current state of the job market in the asset management sector and in financial services in general?
In zwei Worten: Ziemlich lebendig! Aktuell haben Personalberatungen Probleme, wenn sie im Bereich der Corporates unterwegs sind, denn vielen Unternehmen in Deutschland geht es derzeit nicht gut. Der Finanzsektor ist hier (noch) eine positive Ausnahme. Generell ist es in Financial Services erfreulich gut gelaufen – nicht nur bei Asset Managern und Banken. Banken wurden durch die Zinswende beflügelt und kamen aus der Talsohle heraus. Aber hier sehen wir aktuell jedoch deutliche Anzeichen, dass sich die Lage wieder eintrübt. Der Immobilien-Sektor darbt. Bei Versicherern sind wir bei Indigo Headhunters auf der Kapitalanlage-Seite unterwegs. Da ist die Situation gut; zumindest gibt es hier Bewegung.
What are your observations about institutional investors right now?
Among institutional investors, I see growth driven by a professionalization of the business, which is creating demand for experts. This trend is further amplified by the increasing complexity of capital markets and financial instruments. Additionally, we’ve seen an expansion in asset classes, particularly alternative investments, which continues to drive demand for specialists in these areas.
What about younger talent—are you seeing a generational shift?
I’ve noticed that with the growing trends in digitalization and AI applications, technical expertise is becoming increasingly important. This means that not only experienced professionals but also younger individuals with tech credentials are gaining attention from investors and asset managers.
Is the shortage of skilled professionals still as significant as it was one or two years ago, or is the situation easing?
Currently, many international firms that primarily view Germany as a distribution market are reducing rather than expanding their workforce. So, there are candidates on the market, but many don’t possess the profiles and experience that employers are looking for.
Does this mean that those who do have the desired profiles and experience now have better chances for a career leap?
It depends on how you define a career leap. What’s clear is that the current market provides talent with excellent opportunities for growth. For portfolio managers, the field has expanded, as institutional investors increasingly value the expertise gained at asset managers. Meanwhile, sales professionals have been gravitating toward private markets for years. These markets are attractive due to their less complex, entrepreneurial structures and highly competitive compensation packages, which asset managers currently struggle to match. The key term here is "carry."
Can you explain "carry"?
"Carry" refers to a profit-sharing model offered not only to management but also to top performers and often even to junior talent. This profit-sharing is usually provided in addition to—not at the expense of—a competitive base salary and an attractive bonus. It’s a highly entrepreneurial, structured component of compensation and serves as a powerful retention tool through its setup.
What does this mean for HR departments at asset managers?
For HR, employee retention is becoming even more critical. The question is, what can asset managers offer to compete with others? HR departments need to get creative here.
In the U.S., enthusiasm for diversity seems to be waning, as evidenced by companies like Harley Davidson and Jack Daniels. Do you see this trend in Europe as well?
So far, I haven’t observed this trend here. However, I remain vigilant, as I fear the U.S. trend may have an impact. This makes it all the more important to keep championing diversity and contributing to progress in this area. There is still much work to be done, particularly in Germany.
What advice do you have for our readers who aspire to leadership positions in the financial sector? What skills should they develop or focus on?
Seize the opportunities that come your way. Be courageous and confident, and bring your skills to the table without constantly doubting yourself. Most of the time, it’s not about taking another course to advance; it’s about putting your existing skills into action.
Thank you for the interview, Karin!
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Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.